Welcome to another edition of Cheat Sheet by Outlier Academy. Where each week we compress 6+ hours of research and interviews into 3 big ideas that you can read in 5 minutes.
This week we profiled Worm Capital, who call themselves “value investors focused on the future.” They’re one of our favorite technology and disruption investors in the public markets. Since Worm’s inception in 2012, they’ve outperformed the S&P 500 by over 2X net of fees—generating 26.73% per annum vs the S&P 500’s 12.08%).
Read the newsletter companion to this episode:
https://www.cheatsheetnewsletter.com/p/the-secret-to-eternal-life-in-business
Here are the 3 big ideas in this week's Cheat Sheet:
Markets provide liquidity, businesses generate value. Or why the game of business has nothing to do with the stock market.
How to find the best companies in any industry. First observe, then deconstruct inputs and outputs.
The secret to eternal life in business. Or why the company that delivers the best customer value proposition consistently always wins.
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Listen, watch, or explore more of this week’s Outlier Academy episodes:
20 Minute Playbook - Eric Markowitz, Worm Capital’s Head of Research | Conviction vs Opinions, Two-Step Research Process, Favorite Books, and More
Listen Now | Watch Now | Episode Guide | Transcript
Outlier Investors - Worm Capital: Value Investors Focused on the Future | On Worm Theory, Worm’s Investing Algorithm, and The Game of Business
Listen Now | Watch Now | Episode Guide | Transcript
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Best Books & Authors in 2022 – Jacob Helberg (The Wires of War: The Fight Between Democracy and Autocracy for the Future of the Internet)
Best Books & Authors in 2022 – Jacob Helberg (My Favorite Books, Tools, Habits, and More)
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Best Books & Authors in 2022 – Jason Crawford (My Favorite Books, Tools, Habits, and More)
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Trailer – Driehaus: Investing in Emerging Markets and The Great Pendulum Shift | Howie Schwab, Lead Portfolio Manager for Emerging Markets Growth
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Trailer - Ezra's Emi Gal: Tracking 150 Biomarkers, Annual Challenges, Peak Health by 40, Becoming More Disciplined, and More
Cheat Sheet: On Obsessing Over Problems, Predicting the Future, and Why Healthcare Should be a Product (Not a Service)
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